May 18, 2021

Brown Urges OCC to Strengthen Community Reinvestment Act in Upcoming Revamp of Trump-Era Rule

Today, U.S. Senator Sherrod Brown (D-Ohio), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement regarding the Office of the Comptroller of the Currency’s (OCC) announcement that it will reconsider the Trump Administration’s Community Reinvestment Act rule, finalized in June 2020.  

“Acting Comptroller Hsu and the OCC took a step in the right direction today by announcing that they will reconsider the misguided Community Reinvestment Act rule that the former Comptroller jammed through last year against the advisement of civil rights leaders, community development activists, and local voices,” said Brown. “All three banking regulators should now get to work on a joint proposal that will strengthen the CRA and increase investments in underserved communities and communities of color.”